XLMUSD - 1D Chart Analysis
As with other crypt coins, although we have seen a slight "correction" over the last few days, it seems that the bearish trend of Stellar which has started on the 19th of November is "here to stay".
This is due to the price which is still between the 20 days Moving Average and the lower standard deviation of Bollinger Bands and seems to have a considerable distance to recover until this indicator will show the opposite.
On the short term, we can observe some very low price fluctuations due to the decrease of the trading volumes and also of the technical indicators which are in contradiction as it follows:
- The Stochastic has registered a crossover on the 7th of December, indicating the slight increase which we could see in the days after, but another crossover that shows the opposite may be seen anytime soon.
- The RSI is 28 and is also indicating an "oversold" position which can be followed by another price increase but this scenario could be seen starting with the 4th of December and the price changes were not impressive;
- On the other hand, the MACD is still below the Signal and in line with this indicator, the price can go even lower.
At this point, it seems that we have two possible scenarios:
1.We will be able to see the MACD crossing the Signal, which would be considered as a confirmation of a possible short term uprend, supported as well by the RSI and the Stochastic. In this case, we can consider the "Buy" positions with a possible target price around 0.1550$ which is also the first Resistance Level.
2.If the MACD remains below the Signal , we may consider that the RSI and the Stochastic are indicating more a slow down of the price movemets rather than an increase and this period will be followed by another drop. For this scenario, we can consider $ 0.0918$ as possible target price, which is also the first Support Level.
This is due to the price which is still between the 20 days Moving Average and the lower standard deviation of Bollinger Bands and seems to have a considerable distance to recover until this indicator will show the opposite.
On the short term, we can observe some very low price fluctuations due to the decrease of the trading volumes and also of the technical indicators which are in contradiction as it follows:
- The Stochastic has registered a crossover on the 7th of December, indicating the slight increase which we could see in the days after, but another crossover that shows the opposite may be seen anytime soon.
- The RSI is 28 and is also indicating an "oversold" position which can be followed by another price increase but this scenario could be seen starting with the 4th of December and the price changes were not impressive;
- On the other hand, the MACD is still below the Signal and in line with this indicator, the price can go even lower.
At this point, it seems that we have two possible scenarios:
1.We will be able to see the MACD crossing the Signal, which would be considered as a confirmation of a possible short term uprend, supported as well by the RSI and the Stochastic. In this case, we can consider the "Buy" positions with a possible target price around 0.1550$ which is also the first Resistance Level.
2.If the MACD remains below the Signal , we may consider that the RSI and the Stochastic are indicating more a slow down of the price movemets rather than an increase and this period will be followed by another drop. For this scenario, we can consider $ 0.0918$ as possible target price, which is also the first Support Level.
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